Non-Standard Measures of the Monetary Policy – Mechanism for Overcoming Problems in the Implementation of the Neoliberal Concept of Monetary Policy During a Financial Crisis

Milošević Andriana () and Jemović Mirjana ()
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Milošević Andriana: University of Niš, Faculty of Economics, Republic of Serbia
Jemović Mirjana: University of Niš, Faculty of Economics, Republic of Serbia

Economic Themes, 2017, vol. 55, issue 4, 465-480

Abstract: After multiple decreases in the reference interest rate and its reaching zero bounds in certain countries during the recent global financial crisis, central banks in developed countries have started applying non-standard measures of monetary policy. This does not refer to introducing new monetary policy instruments, but rather to a certain relativisation within the framework of standard instruments, in terms of maturity of liquidity provision, collateral policy and counterparties. Therefore, the aim of this paper is to examine the role of non-standard measures of monetary policy as a mechanism for overcoming problems in the implementation of the neoliberal concept of monetary policy in the conditions of the financial crisis. The answer to this question is rather sensitive, considering the fact that the neoliberal concept was supported by the most developed countries, that is, in fact, their central banks were using non-standard instruments of monetary policy for the greatest part.

Keywords: neoliberal paradigm; global financial crisis; non-standard measures; central bank (search for similar items in EconPapers)
JEL-codes: G01 G21 G28 H12 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecothe:v:55:y:2017:i:4:p:465-480:n:2

DOI: 10.1515/ethemes-2017-0026

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